For Texans who use State Farm Insurance, the company is getting ready to put more money back in the pockets of their customers at the end of the month.
For the first time since 2011, the state’s largest insurance carrier is reducing premiums by 3 percent and putting roughly $100 million in auto premiums back into customer’s pocketbooks. Or an average of $35 per year per customer.
“Over the last few years the automobile insurance industry has been very challenged,” Jason Matzke, with State Farm Insurance Agency Leadership, said. “We’ve had a massive increase in claim frequency due to lower gas prices, rising repair costs, distracted drivers, record mileage driven and even volatile weather such as Hurricane Harvey.”
The decrease is set to take effect sometime this month for existing and new customers.
State Farm expects about three million people to benefit.